The Ministry of Housing is making continuous efforts and strenuous attempts to inject liquidity into financial institutions, as the ministry aims to offer fixed-installment or fixed-interest mortgage products during the second half of 2018.

This was revealed by Housing Minister Majid Al-Hogail during his opening remarks at the first «Wafix» Off-Plan Sales Projects Forum and Exhibition in Riyadh, adding that, as part of the policy to streamline and simplify regulations and legislation for the real estate market—particularly regarding the timeframe for obtaining permits, which has been reduced to 120 days from what used to take approximately 54 months— in addition to other programs such as «Ijar» and the Owners« Union. All of this aligns with the Kingdom’s Vision 2030 and aims to raise the homeownership rate to 60% by 2020 and reach 70% by 2030.

During the ceremony, Al-Hogail launched the »Wafi” app, which serves developers and buyers and helps facilitate their needs. It displays licensed projects, explains the various licensing mechanisms, and provides information on events and the latest news regarding the program. Additionally, through the “Rased” section of the app, users can report any violations related to off-plan projects at any stage—whether during sales, marketing, or display.